Bitcoin retraced from around 71,300 yesterday, touching a low of 69,300, with Ethereum weakening in sync. We cashed in profits on our short positions established yesterday.

From a technical perspective, after the four-hour uptrend channel opened, prices failed to hold above the upper band. Oscillating consolidation triggered a sharp pullback, with volume contracting and moving averages converging and turning lower. High-level resistance is evident, requiring consolidation and base-building after the rally, with further downside exploration possible. On the one-hour level, the high-level oscillation failed to stabilize, with bears pushing the lower band on increased volume. The rebound after the spike was merely technical recovery, with strong short-term pullback demand. The subsequent market can maintain the short bias unchanged!

• Bitcoin: short near 71,000-70,800 on rebounds, targeting 68,300-65,800 below

• Ethereum: short near 2,170-2,210 on rebounds, targeting 2,100-2,050#Gate13周年全球庆典 $BTC $ETH